Liquidation lessons – what BCCI's wind-down tells us about the post-Lehman world
In other circumstances it would have been a routine filing. But on 26 March 2013, when a lawyer from the Cayman Islands office of international law firm Appleby filed a series of court orders at the offices of the Registrar of Companies, this was the very final step in one of the largest liquidations the world has ever seen. With that step, nearly 22 years after they were ordered to be wound up, Bank of Credit and Commerce International (Overseas) Ltd and the other Cayman entities in the BCCI Group were dissolved. The Grand Court of the Cayman Islands has, with high praise for its work, discharged from office the partners from Deloitte who have been the official liquidators. Apart from the ongoing administration, for a short period, for a post-liquidation trust to deal with unclaimed dividends and such matters, it is all over.
Twenty-two years after they were ordered to wind up, the Cayman entities of BCCI were finally dissolved in March. Andrew Bolton says there are lessons for the post-Lehman world
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